Petronas logs lower LNG production, sales

Malaysian energy giant Petronas reported a decrease in both LNG production and sales due to a weak market demand hit by the Covid-19 pandemic.

Total LNG production during January-September dropped by 5.3 percent to 19.5 million tonnes as compared to 20.6 million tonnes in the same period last year.

As for LNG sales volume, they decreased 1.2 percent to 24.3 mtpa in the nine-month period.

However, they started to pick up in the third quarter increasing slightly to 7.58 mtpa compared to 7.48 mtpa in the third quarter last year.

Petronas attributed the slight increase due to higher LNG production at its complex in Bintulu.

Furthermore, the effects of the global demand slump caused by the Covid-19 and impairments weighed on Petronas total profit as well.

The firm reported a loss of 3.4 billion ringgit ($836 million) for the July to September period, against a profit of 7.4 billion ringgit in the same quarter last year. In the nine-month period, Petronas logged a loss of 19.9 billion ringgit.

Looking forward, Petronas said prolonged low oil price and moderate demand recovery impacted by the pandemic continue to pose challenges to the industry.

“The board expects the performance of Petronas Group in the final quarter of 2020 to be continuously affected by the challenging business environment,” it said.

Most Popular

Venture Global to introduce gas to tenth Plaquemines liquefaction block

US LNG exporter Venture Global LNG has received approval from the US FERC to introduce natural gas to the tenth liquefaction block at the Plaquemines LNG terminal in Louisiana as part of the plant’s commissioning process.

Kimmeridge’s Commonwealth LNG seeks expedited approval from FERC

Kimmeridge's Commonwealth LNG is seeking expedited final approval from the US FERC as it looks to make a final investment decision on its planned LNG export plant in Louisiana later this year.

Excelerate’s FSRU arrives in Germany

Excelerate’s 138,000-cbm FSRU Excelsior has finally arrived in Germany, where it will start serving DET's second LNG import terminal in Wilhelmshaven.

More News Like This

Wison scores Suriname FLNG gig

China’s Wison New Energies has signed a detailed feasibility study deal for a newbuild floating liquefied natural gas (FLNG) facility in Suriname's offshore Block 52.

Malaysia LNG in Bintulu CCU move

Malaysia LNG, a unit of Petronas and the operator of the giant Bintulu LNG export plant, has signed a memorandum of understanding with Houston-based HYCO1 to work on a carbon capture and utilization project in Bintulu.

Petronas delivers first LNG cargo to PetroVietnam Gas

Malaysian energy giant Petronas has delivered the first liquefied natural gas (LNG) cargo to PetroVietnam Gas, a unit of state-owned PetroVietnam.

Petronas to supply LNG to PetroVietnam Gas

Malaysian energy giant Petronas will supply liquefied natural gas (LNG) to PetroVietnam Gas, a unit of state-owned PetroVietnam, next month. The two firms will also look into the possibility of signing long-term LNG contracts.